Under the deal, Accelovance will support Panacea’s clinical development strategies by providing scientific/medical and regulatory expertise.
Additionally, Accelovance will also provide contract research organization (CRO) support through project management, clinical monitoring, data management, biostatistics, and safety services for Panacea’s clinical trials.
Panacea’s drug development and clinical advancement will be accelerated as the deal brings together highly complementary capabilities.
The deal will see Panacea maintain stringent oversight and quality standards relating to patient safety and regulatory compliance, while Accelovance will be responsible for providing assistance for the development and implementation of clinical strategies.
Panacea chief executive officer Hossein Ghanbari said: "We are extremely excited to enter into this partnership, as Oncology immunotherapeutic development is vital for the future of patient treatment.
"We are confident about our preclinical data in animal models and are ready for the next step in our company’s development.
"With Accelovance we have found the best team to support our clinical development needs, which will continue to drive our oncology immunotherapy pipeline forward."
Panacea is focused on the discovery, development, and commercialization of new therapeutic and diagnostic products for oncology and diseases of the central nervous system.